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2025.08以来,央行MLF和买断式逆回购合计净投放单月维持在6000亿元
2025.08以来,央行MLF和买断式逆回购合计净投放单月维持在6000亿元
行业数据
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原图定位
图片属性
图片格式:PNG
图片大小:103KB
图片尺寸:1735*1030
同报告图片
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所属报告:
【开源证券】银行行业深度报告:存款偏离与指标问题对当前司库策略的影响-251204(26页).pdf
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相关数据
MLF操作情况(单位:亿元)
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行业数据
2026-01-20
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同业存单发行规模、利率与MLF利率
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市场规模
2026-01-12
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同业存单发行规模、利率与MLF利率
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市场规模
2025-12-26
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同业存单发行规模、利率与MLF利率
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市场规模
2025-12-26
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1年期同业存单及MLF利率(%)
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行业数据
2025-12-22
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1年期同业存单及MLF利率(%)
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行业数据
2025-12-22
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图表19存单一级发行利率与资金、国债、MLF、中短票比价
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行业数据
2025-12-12
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图表18存单二级发行利率与资金、国债、MLF、中短票比价
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行业数据
2025-12-12
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2017年资金利率和MLF利率
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行业数据
2025-12-12
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同业存单发行规模、利率与MLF利率
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市场规模
2025-12-12
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2026年MLF到期量逐季上升
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行业数据
2025-12-10
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MLF操作情况(单位:亿元)
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行业数据
2025-12-09
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MLF余额(单位:亿元)
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行业数据
2025-12-09
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同业存单利率运行在存款成本率-MLF(1Y)利率区间内
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现阶段缺口及指标诉求阶段性满足,成本管控限制了 NCD 的提价空间。当前央行态度偏呵护,连续对银行体系进行中长期基础货币的净投放。大型银行在押品不紧缺的情况下倾向于获取 MLF,即便是难以获取 MLF 的中小行也较难偏离平均存款成本过多去吸收同业负债,我们认为年内大部分银行缺口与指标压力尚可,因此可能控制NCD发行利率在1.7%以下,即司库对同业部给出高出MLF(1Y)利率10BP、高出平均存款成本 20BP 左右的点差激励(若超出 MLF 利率+10BP,同业部门发行同业存单则无 FTP 收益),若提价过高司库“头寸、指标、成本”的核心矛盾又会重新切换至成本管控。
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【开源证券】银行行业深度报告:存款偏离与指标问题对当前司库策略的影响-251204(26页).pdf
2026年存款偏离与司库策略行业报告:26万亿高息定存到期,流动性风险与司库策略分析
【开源证券】银行行业深度报告:存款偏离与指标问题对当前司库策略的影响-251204
根据我们测算,2026H1上市银行到期2Y以上高息定存规模为26万亿元
净稳定资金比例(NSFR)分母——所需稳定资金系数
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